Suppose that in 2019, Congress passed and the president signed a new simple income tax with a
Question:
Suppose that in 2019, Congress passed and the president signed a new simple income tax with a flat rate of 20 percent on all income greater than $35,000 (no tax on the first $35,000). Assume that the tax is imposed on every individual separately. For each of the following total income levels, calculate taxes due and compute the average tax rate. Plot the average tax rate on a graph with income along the horizontal axis. Is the tax proportional, progressive, or regressive? Explain why.
a. $35,000
b. $50,000
c. $65,000
d. $80,000
e. $100,000
f. $125,000
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Related Book For
Mylab Economics With Pearson Access Code For Principles Of Microeconomics
ISBN: 9780135197141,9780135197103
13th Edition
Authors: Karl E. Case; Ray C. Fair; Sharon E. Oster
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